Escalating tensions between Ukraine and Russia combined with some disappointing corporate earnings for last week’s unhappy ending. President Obama promised further sanctions against Russia during a press conference in the Philippines, Monday. The economic uncertainty such sanctions carry is unlikely to ease investors’ concerns regarding the tumult in Eastern Europe.

“The Ukrainian tensions are once again mounting and the word coming from Capitol Hill and also Europe is that sanctions on Russian officials will be harder, more direct and onerous on President Putin’s inner circle; this will disrupt normal trading conditions,” Melbourne, Australia-based, IG market strategist Evan Lucas wrote.